Gold Prices See Monthly Gains Of 10%; Best Since February 2016

In India, gold prices on the MCX hit new high over worries on economic recovery to Rs. 53830 per 10 gm. Silver in line also jumped by 4% in trade to Rs. 65233 per kg.

Gold prices on July 30, 2020 hit a record high price in the bullion market of Rs. 53277 per 10 gm on rupee depreciation but later steadied on US support.

In the international markets gold prices were steady at $1958.99 per ounce as concerns over surging corona caseload across the world and softer dollar, pushed investor's interest in the safe haven. U.S. gold futures rose 0.5% to $1,953.

Dollar was further affected after the US President hinted at a delay in US elections.

Furthermore, as per a Reuters tally, total caseload of corona cases has reached 17.15 million while death toll on account of the virus has hit 668,419.

Also, it is on course to see its highest gains of 10% in 4 years, with the highest monthly gains recorded in February 2016.

The US economy also recorded the worst slump with a contraction in GDP by 32% on an annualized basis during the quarter, the steepest decline since the government started to keep records.

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